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  • Wednesday, November, 2022| Today's Market | Current Time: 04:23:34
  • Dubai, UAE: Dragon Oil, an upstream exploration and production platform fully owned by the Government of Dubai, has unveiled its first oil discovery in the Gulf of Suez, Arab Republic of Egypt.

    The field could contain around 100 million barrels in reserves, representing one of the largest discoveries in the Gulf of Suez in the past 20 years, the company said.

    The announcement was made on the sidelines of the 5th edition of the Egypt Petroleum Show (Egyps 2022) held under the patronage of His Excellency Abdel Fattah El Sisi, President of the Arab Republic of Egypt, during February 14-16, 2022 at the Egypt International Exhibition Center with the support of the Ministry of Petroleum and Mineral Resources-Egypt.

    The new petroleum field is the first discovery of Dragon Oil in Egypt, where it has become key player in the sector, following its full acquisition of BP’s Gulf of Suez assets.

    Commenting on the new discovery, His Excellency Saeed Mohammed Al Tayer, Chairman of Dragon Oil, “We are glad to announce our first oil discoveries in Egypt, and we aspire to more success during the coming period. We will continue to work for more discoveries sustainably in the promising Egyptian market to create long-term value for the benefit of all.”

    He continued, “The new discovery comes within the framework of the firm cooperation and the strong brotherly ties between the UAE and Egypt under the prudent guidance of President His Highness Sheikh Khalifa bin Zayed Al Nahyan, His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, and Abdel Fattah El Sisi, President of the Arab Republic of Egypt.”

    The discovery represents a new joint economic dimension to the Emirate of Dubai and Egypt with the global importance of the oil industry and its role in the fostering, strengthening and supporting other pivotal economic and development sectors, he added.

    Al Tayer further expressed his happiness for allowing the opportunity for Emirati establishments concerned with oil and gas research and exploration to contribute to strengthening the petroleum industry in Egypt and making this industry a key pillar for the Egyptian economy.

    For his part, Ali Rashid Al Jarwan, CEO of Dragon Oil, said, “The Company is working to continue its growth and expansion in the Egyptian market in 2022 through intensifying the exploration, development of fields and reparation of wells to increase the production from the oil fields in Gulf of Suez. The company aims to reach production rates of 65,000-70,000 barrels per day, compared to an average of 60,000 per day in 2021, as its financial solvency allows for further expansion and exploration in several regions.”

     “Dragon Oil is currently discussing with the Egyptian General Petroleum Corporation further plans to develop the “Al Wasl” field, which requires more new investments in production facilities, infrastructure and drilling,” Al Jarawan added.

    The field would be added to the portfolio of the Gulf of Suez Petroleum Company (GUPCO), with expectations that its production would increase by 20% when the development plans are implemented, he said.

    This success promises more discoveries in the Gulf of Suez as part of Dragon Oil’s strategic plans to increase production in the near future in MENA.

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